Customers typically have a variety of payment options when entering into a transaction with a business, such as but not limited to cash, check, gift cards, credit cards, debit cards, etc. Payment options, such as a credit or debit card, may be issued through financial institutions, retail stores, gas stations, airlines, and other businesses. Often, the businesses that issue the payment option provide promotions to entice customers to open payment accounts through the business and/or thereafter use the payment accounts. The promotions include, but are not limited to reward points, travel miles, cash back bonuses, product or store discounts, free gifts, etc. The promotions for each individual customer may vary based on the individual customer's purchasing habits. For example, one customer may receive better discounts at retail stores if the customer often shops at that retail store or if the customer selects to enroll in promotions that apply to the retail store.
Many factors play a role in the payment option a customer determines to use in a transaction. Factors, such as, but not limited to the amount of the transaction, whether the transaction is online or offline, the merchant, individual considerations, etc., may all have a direct correlation with which payment option is chosen by the customer. Individual considerations may consist of utilizing the proper payment method to maximize promotions. For example, if the customer is purchasing fuel at a specific gas station, it may be in the individual's best interest to use a credit card that offers maximum promotional discounts on fuel purchases.
Utilizing the proper payment option when making a transaction may aid in the customer reaching his promotional goals faster, by maximizing the profitability from a transaction. However, a customer often has little knowledge of what payment option provides the maximum promotion at a point of sale for a particular good or service (hereinafter “product”) and/or merchant. Knowledge of the best payment option is difficult to determine. This is largely due to customers having so many payment options to select from, all with different promotions. A customer may not know the promotions associated with his payment options because the promotions may change at any instant, few or no merchants advertise promotions (except for maybe the merchant's own accounts), the promotions may include purchase restrictions that limit the benefits at different times, on different products, or at different merchants, etc. Therefore, the customer often selects a payment option, from the variety of payment options, and enters the transaction with little or no thought as to which payment options provide the best promotions as they relate to the goals he wishes to achieve.